Word: auctioner
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...most important suit brought against Watt so far centers on his plan to offer for lease a billion acres for offshore oil and gas exploration over the next five years. As an initial step, Watt announced last April that he planned to auction 31 tracts off the California coast near Santa Barbara. A coalition of groups, including the state of California and the Natural Resources Defense Council, immediately sued to stop the sale. The plaintiffs' lawyers argued that the proposed drilling threatened the coastline as well as the area's sea otters and other endangered species. More persuasively...
Government bonds, bills and notes fared no better than private issues. To attract buyers at its regular Monday auction of six-month bills, the Treasury had to boost the interest rate on the bills to a record 15.854%. Six months ago, it had to offer only 13.611% to sell the six-month bills...
Some moderates and liberals blamed the loss on the leadership's auction-block approach to shaping a tax bill. Led by Arizona's Morris Udall, a handful of liberals had proposed an alternative one-year tax cut that was easily voted down. Said John Conyers of Michigan: "We can't out-Republican the Republicans and then beat Reagan." Other Democrats were ready to punish the party rebels, such as Texan Phil Gramm, who sat in on Democratic budget caucuses while working with the White House, and Hance, who not only co-sponsored Reagan...
...marine life. The U.S. Geological Survey estimates that the basins contain only about 300 million bbl. of crude, or roughly twelve days' worth of the nation's oil needs. Environmentalists have been joined in the battle to prevent sale by some conservative Republicans, who feel that the auction would be contrary to President Reagan's pledges to share federal power with the states because Watt did not consult officials in Sacramento. California Republican Chairman Dr. Tirso del Junco wrote Watt that pushing the "extremely sensitive" sales would hurt the party in the state, which plans to file...
...collectibles market is now likely to be very unpredictable for investors. As expected, Sotheby's sale last spring of one of Pablo Picasso's self-portraits went for $5.3 million, the highest sum ever paid at auction for one of his paintings. But during that same week, Christie's received only half of the $20 million expected from one of its auctions. Among the unsold works: a still life by Picasso reportedly done...